Tech:NYC Digest: January 23

Tech:NYC Digest: January 23

January 23, 2023 • Estimated Reading Time: 7 minutes

Monday, January 23, 2023

A Happy Lunar New Year to all who celebrate! In today’s digest, NYC small businesses get a financing boost, what to know about the start of tax season, and recruiters weigh in on how AI will change the hiring process. 

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  • Mayor Eric Adams announced a $75 million NYC Small Business Opportunity Fund, the largest public-private loan fund for small businesses in the city’s history. (Crain’s New York Business) Learn more about the program here.

  • The FDA will submit a proposal to offer a single dose of the COVID booster shot annually each fall, much like the model for administering flu shots. (New York Times)

    • The agency is also proposing to retire the original vaccines and offer only bivalent doses for primary and booster shots moving forward.

  • The City Council passed a bill to prohibit restaurants and food delivery services from providing plastic utensils and condiment packets unless specifically requested. The bill aims to reduce the amount of single-use plastics that end up in landfills. (NY1)

  • The 2023 tax filing season officially begins today. (IRS) Here’s why your refund might be smaller this year — and other things to know. 

  • Lastly, we were just starting to wonder if it will ever snow in NYC again. And there is a chance we’ll see a couple of inches on Wednesday. But alas, mostly more rain.

In other reading:

  • How NYC’s Trees and Shrubs Help Clear Its Air (New York Times)

  • There Are Dolphins in the Bronx River (Curbed)

ChatGPT continues to top the headlines, including today’s announcement that the chatbot’s creator, OpenAI, has extended its “multi-year, multi-billion dollar” partnership with Microsoft.

There’s been a lot of analysis about its ability to write college essays, pass exams, and publish news items, but what about cover letters and other job application materials? (Fast Company)

Here’s what some recruiters and hiring managers had to say:

  • The HR Hacker founder Alexandria Brown thinks of AI as a template: “I was blown away by how good the cover letter was. You would still need to edit it before you created your final draft. But it’s a good start … I think it takes some of the pressure off job seekers’ panic and anxiety about creating cover letters for every single job they apply to. If you’re using technology to work smarter, not harder. I mean, I applaud you.”

  • Jobscan CEO James CEO says jobseekers make a mistake when they view ChatGPT as a machine rather than a tool: “Ultimately, humans — recruiters and hiring managers — are the ones reviewing the resumes they shortlist from the ATS [applicant tracking systems]. A convincing cover letter is more than a rephrasing of your work experience.”

  • TaskHuman head of people Kristen Wrigley warns it’s still worth taking the time to stand out: I don’t mind the use of ChatGPT, “especially entry-level candidates where there may not be as much differentiation in levels of experience.” However, “automated cover letters may save time, but may not help you stand out.”

  • Teal CEO and former WeWork chief growth officer Dave Fano is already integrating ChatGPT into Teal’s offerings: Although it’s still early days with this technology, it’s already “remarkably robust.” He still stresses the need to edit the results before you send them to anyone. If you don’t, “I just think you’re just gonna kind of look like an idiot.”  

In other reading:

  • Cumul.io, a Brooklyn and Belgium-based analytics platform for SaaS companies, raised $10.8 million in Series A funding. Hi Inov-Dentressangle led the round and was joined by Axeleo Capital, LRM, and SmartFin. (TechCrunch)

  • Cypris, a NYC-based platform for research and development teams, raised $4 million in Series A funding. York IE led the round and was joined by Activate VP, K20 Fund, and BlueTree Capital. (FinSMEs)

  • January 24: Virtual: How I Raised My Seed, with re:collect CEO Alice Albrecht, WriteSea CEO Brandon Mitchell, and WeStock CEO Cameron McCarthy. Hosted by Brooklyn Bridge Ventures. Register here.

  • January 25: Virtual: Lessons from Scaling Handy, with Handy co-founder and Angi CEO Oisin Harahan. Hosted by Junction Venture Partners. Register here.

  • February 8: In-person: New York Startup Guild Brunch & Learn, with Innovatemap founder and CEO Mike Reynolds and senior product marketer Meghan Pfeifer. Hosted by Betaworks. Register here.

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